By Chris Agabi
The Central Bank of Nigeria (CBN) has said the old naira notes remain legal tender indefinitely.
A statement signed by Dr. Isa AbdulMumin, the CBN Director, Corporate Communications said the initial December 31st 2023 deadline for the stoppage of the use of the old naira notes is no longer the case.
The statement read: “Please recall that the Central Bank of Nigeria introduced the redesign of 200, N500 and &1,000 denominations in October 2022 and certain deadlines were set for the old design of these denominations to cease as legal tenders.”
“Without prejudice, the Central Bank of Nigeria wishes to inform the general public of its desire to extend the legal tender status deadline of the old design of 8200, 8500 and 1,000 denominations, ad infinitum. This is in line with international best practices and to forestall a repeat of earlier experiences” it said.
“Thus, all banknotes issued by the Central Bank of Nigeria (CBN). in accordance with Section 20(5) of the CBN Act 2007, will continue to remain le – al tender ad infinitum even beyond the initial December 31 2023 deadline. The Central Bank of Nigeria is working with the relevant authorities to vacate the subsisting court ruling on the same subject” the statement said.
“Accordingly, all CBN branches across the country will continue to issue and accept all denominations of Nigerian banknotes, old and redesigned, to and from deposit money banks (DMBs)” the statement further assured.
“The general public is enjoined to continue to accept all Naira banknotes (old or redesigned) for day-to-day transactions and handle these banknotes with utmost care, to safeguard and protect the lifecycle of the banknotes. Also, the general public is encouraged to embrace alternative modes of payment, e-channels, for day-to-day transactions” the statement concluded.
